I am licensed in NC and have access to Homepath. Contact me through my profile if you'd like to discuss the program.
You should have an attorney review your contract. Like you mentioned, there are things that will take longer than 10 days to approve. In most cases, a mortgage contingency "should" protect you but make sure you review the contract with an attorney so that you are protected.
It sounds to me you are being offered Lender Paid Mortgage Insurance (LPMI). LPMI is accepted through Fannie Mae and Freddie Mac. Why do you think it isn't backed by them? LPMI can be a great way to eliminate mortgage insurance.
Yes. You can get a loan with 10 percent down with a non occupant cosigner with many lenders.
We have a non warrantable first in condo option. In general here are the guidelines:20% downno presale requirementsassociation not turned over is okconversions okNew construction requires a full condo review and budgetCould be first financed unit as long as property hasn't been on the market more than 3 monthsIf you want more information, let me know..
You might want to talk to another mortgage banker. We have a few more options than what one bank might offer. You can do a search through Zillow for a lender in your area..
The rate seems a little high even though rates have edged up recently. It is also contingent on credit score though, particularly refinancing to conventional financing. I think it makes sense to payoff the FHA loan since you have the equity and you can eliminate the mortgage insurance. I'd be happy to offer you a second opinion and I am in Chicago.
ok. Let's see if other lenders have an option for you. My suggestion is to file 2013 asap and bring into a local IRS office. The 2013 likely will have a transcript before the 2012 especially if you bring it into a local office to file it. Based on your downpayment, score, job history, etc you likely will only need 1 year of transcripts...And the 2011 is too outdated.
Did you file your 2013 returns and if so is there a transcript ? May be able to use 1 year of IRS transcripts
You can add your brother as non occupant coborrower on an FHA loan and conventional also. Even though you are short the 2 years employment history, with a strong explanation and employment letter you should have an option. Also, worse case is adding your brother as non occupant coborrower.